Wipro Ltd. said Thursday it has implemented a blockchain-based small-scale liquefied natural gas (LNG) trading/fulfillment platform for Uniper Global Commodities SE and its LNG-for-trucks subsidiary, Liqvis GmbH.
Blockchain is a distributed ledger that can initiate and verify transactions on a network as they occur. Small-scale LNG solutions, mainly involving transport by truck, are an increasingly common alternative in stranded areas without access to natural gas pipelines.
The decentralized platform unveiled by Bangalore, India’s Wipro and Düsseldorf, Germany-based Uniper is designed to simplify commodity management “in a market characterized by extensive manual and paper-based transactions and high operational cost,” the firms said.
Wipro is an information technology, consulting and business process services company. Uniper, a diversified energy company with about 11,500 employees, is a global energy trading giant, and is involved in power generation activities in Europe and Russia.
The new platform involves multiple peer-to-peer trading cycle participants. It would enable order and supply placement, delivery of goods, validation of the state of goods, and bill settlements, the companies said.
The venture is expected to reduce turnaround time, effort and inefficiencies, while improving transparency in all stages of the LNG trade.
“Blockchain will enable business volume growth without needing a lot of additional headcount to manage transactions,” said Uniper’s Grigory Shevchenko, senior account manager for gas supply and origination, and LNG development. “This will be true for us and our counterparts that will engage with Uniper through the paperless blockchain platform.”
Wipro’s Sarat Chand, who heads the Europe, Middle East and Asia business, said the platform would help Liqvis “ensure that LNG is always available when and where it is needed, and achieve price security through Uniper’s long-term LNG supply contracts and seamless supply chain execution.”
Wipro’s Krishnakumar N. Menon, service transformation and blockchain theme leader, noted that fewer manual interventions may be needed with the platform as “smart contracts” would “automate processes such as demand creation, trade confirmation, shipment creation, bunkering, invoice generation and settlement.”
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